Table of Contents
Daily Current Affairs 19th June 2024 Daily GK Update
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National News
IFC to invest $105 million in Brookfield’s Bikaner Solar Power project
- The International Finance Corporation (IFC) has agreed to invest $105 million (around Rs 871 crore) in the non-convertible debentures of Brookfield’s Bikaner Solar Power project in Rajasthan.
- IFC is a company of the World Bank Group which provides finance to the private sector companies.
About Brookfield’s Solar Project in Bikaner
- Brookfield Global Transition Fund (BGTF) is building a 550 MW solar power project in Bikaner in two phases.
- The Brookfiled commissioned the first phase of the Bikaner solar power project 268 MW in March 2024.
- In the second phase the capacity of the solar power project is 282 MW taking the combined power generation capacity to 550 MW. The estimated cost of the second phase is estimated to be USD 317 million.
- BGTF is an equity investor and has set up a Special Purpose Vehicle (SPV) to execute the project.
- The 80 percent of the BGFT holdings is owned by Brookfield Asset Management and 20% owned by Brookfield Renewable.
Virat Kohli leads 2023 Celebrity Brand Valuation Rankings with $228 million: Kroll
- Ace cricketer Virat Kohli regained the top slot in the Celebrity Brand Valuation Report 2023 released by Kroll.
- Kohli’s brand value is pegged at $227.9 million on the back of his stellar performance in ICC ODI World Cup and boasts of over 40 brands in his endorsement portfolio.
- Ranveer Singh was at number two rank at a brand value of $203.1 million lending his name to endorse 50 brands.
- Meanwhile, Shah Rukh Khan jumped to third spot with a brand value of $ 120. 7 million, marking his return to the top five club for the first time since 2020 in Kroll’s Celebrity brand valuation rankings.
- Akshay Kumar stood at the fourth spot in 2023 at a brand value of $111.7 million, followed by Alia Bhatt at the fifth spot at $101.1 million.
- Deepika Padukone, MS Dhoni, Sachin Tendulkar, Amitabh Bachchan and Salman Khan are the other celebs ranked among the top ten most valued celebs in the rankings.
- Kiara Advani saw a meteoric rise in brand value moving from rank 16 to rank 12 at $66 million. Also, Katrina Kaif featured in the list of India’s most valued celebrity brands for the first time in the last five years with a valuation of $27.1 million.
PM Modi to lead yoga day celebrations from Srinagar on June 21
- Prime Minister Narendra Modi will lead the main International Yoga Day event in Srinagar on June 21, as India gears up to celebrate the ancient practice of yoga on a global scale.
- This year’s theme, “Yoga for Self and Society,” highlights the importance of incorporating yoga into every aspect of life for individual and community well-being.
- Additionally, the Jammu and Kashmir government is organizing yoga events simultaneously at all district headquarters.
- Yoga, an ancient physical, mental, and spiritual practice originating in India, symbolizes the union of body and consciousness.
- Since 2015, the International Day of Yoga has been celebrated annually on June 21, following its adoption by the United Nations in 2014.
- Ahead of the International Yoga Day, Prime Minister Modi called upon people to reiterate their commitment to making yoga an integral part of their lives.
PM Modi inaugurated New Campus of Nalanda University at Rajgir
- Prime Minister Narendra Modi has inaugurated the new campus of Nalanda University at Rajgir in Nalanda district.
- Nalanda University is conceived as a collaboration between India and East Asia Summit (EAS) countries.
- Equipped with state-of-the-art infrastructure the University campus is spread over 450 acres.
- Based on the theme of environmental conservation the campus has been made as a ‘Net Zero’ Green Campus.
- For energy and other needs, the university is self-sustainable with a solar plant, domestic and drinking water treatment plant, and water recycling plant for reusing wastewater. It has several water bodies spread over the 100-acre area and many other environment-friendly facilities.
International News
Paris hosts the world’s premier defense and security expo Eurosatory 2024
- The global defense and security industry is being converging on Paris for the highly anticipated Eurosatory 2024.
- With over 60,000 visitors and approximately 2,000 exhibitors, this event is set to be a significant gathering for industry professionals.
- The five-day event will be held at the expansive Paris Nord Villepinte Exhibition Centre.
- The event will feature more than 40 national pavilions, showcasing new equipment and innovative solutions. Additionally, a dedicated zone for helicopters will display models such as the Eurocopter Tiger, NH90 Caïman, H160M Guepard, H135, Apache, Black Hawk, and Chinook.
About France
- Capital- Paris
- President- Emmanuel Macron
- Prime Minister– Gabriel Attal (replace Elisabeth Borne)
- Official language- French
Banking and Financial
ESAF SFB to discontinue business correspondent services of ESMACO
- ESAF Small Finance Bank (ESAF SFB) has decided to discontinue the services of business correspondent ESAF Swasraya Multi State Agro Co-operative Society Limited (ESMACO) to reduce concentration risks and absorb its 5,000 plus employees on the rolls of the lender.
- The discontinuation will reduce the contribution of ESMACO to the management of the gross advances to 14.90 %.
- The discontinuation of the scope of services is not expected to have a material adverse financial impact on the bank.
- The decision was part of the bank’s strategy to mitigate concentration risk associated with reliance on a single business correspondent and to bring the business operations in-house.
About ESAF Small Finance Bank
- Founded- 10 March 2017
- Founders- Paul Thomas, Mereena Paul, Jacob Samuel
- Headquarters– Thrissur, Kerala
- MD & CEO – Paul Thomas K
Namdev Finvest partners with Bajaj Allianz General Insurance
- Namdev Finvest, a Jaipur based NBFC, has entered into strategic alliance with Bajaj Allianz General Insurance, a leading insurance platform, to offer comprehensive financial solutions, including insurance and NBFC services, to its customers.
- The strategic alliance leverages Namdev’s customer network and geographic presence, backed by Bajaj General Insurance’s expertise in insurance products.
- As a result, the integrated products and services are expected to be rolled out in phases, with the initial offerings being available in key markets.
- By the end of the year, these integrated products and services will be made available in all branches, ensuring nationwide availability.
- MD of Namdev Finvest Pvt. Ltd – Jitendra Tanwar
Recent MoUs Signed in Banking Sector
- MEA signed MoU with SBI to enhance digital payment services for eMigrate portal users
- Kotak Life partners with Mahindra Finance to offer life insurance solutions
- SBI and Muthoot Microfin join forces to support women entrepreneurs
- Axis Bank partners with Bajaj Allianz for strategic bancassurance
- PNB partners with IIFCL to provide financing for infrastructure projects
- Axis Bank and Mastercard Introduce NFC Soundbox
ICICI Prudential Life offers Lifetime 15% Discount for Women on iProtect Smart Term Plan
- ICICI Prudential Life Insurance offered a 15% lifetime discount for women on all premiums for its best-selling term insurance product, iProtect Smart.
- Furthermore, salaried/working women will be eligible for an additional 15% off the first year’s payment, allowing them to create financial stability for themselves and their loved ones.
What’s Included?
- iProtect Smart combined with the critical illness benefit, provides cover against 34 critical illnesses including ailments such as breast, ovarian, uterine and cervical cancers.
- This combination offers benefits of both health and life insurance. Importantly, the critical illness cover amount is paid out on diagnosis, providing the requisite financial resources for seeking immediate medical treatment.
- iProtect Smart, along with the critical disease benefit, covers 34 critical illnesses, including breast, ovarian, uterine, and cervical cancer.
- This combination provides the benefits of both health and life insurance. The critical illness coverage sum is paid out upon diagnosis, providing the necessary financial resources for rapid medical treatment.
Fitch Ratings raises India’s growth forecast by 20 bps to 7.2% for FY25
- Fitch Ratings has raised its growth estimates for India by 20 basis points to 7.2 per cent citing positive economic outlook driven by recovering consumer confidence and increased investment.
- The Indian economy grew at an impressive rate of 8.2 per cent in FY24, driven by a stronger-than-expected expansion of 7.8 per cent in the fourth quarter.
- The World Bank last week-maintained India’s growth forecast at 6.6 per cent for FY25, affirming the country’s position as the fastest-growing economy among major economies.
- Meanwhile, the RBI raised its growth projection for FY25 to 7.2 per cent from an earlier estimate of 7 per cent in its last monetary policy review.
Updated GDP List
- CII – 8% (FY25)
- World Bank – 6.6% (FY25), 6.7% (FY26), 6.8% (FY27)
- RBI –7.2% (FY25)
- Goldman Sachs – 6.8% (FY25), 6.9% (CY24)
- DBS Bank – 7% (FY25)
- NSO – 8.2% (FY24)
- UN – 6.9% (FY24), 6.6% (FY25)
- Moody’s – 6.6% (FY25)
Appointment
Ajith Kumar KK appointed as MD and CEO of Dhanlaxmi Bank
- Private sector Dhanlaxmi Bank has appointed Ajith Kumar KK as Managing Director (MD) of the bank.
- He is a seasoned banker with over 36 years of experience with the Federal Bank in various facets of banking including Credit, Human Resources, Business, Branch Banking etc.
- He is presently the Chief Human Resources Officer at Federal Bank in the cadre of president, it said.
About Dhanlaxmi Bank
- Established – 14 November 1927
- Headquarters – Thrissur, Kerala
- CEO & MD – Ajith Kumar KK
Paytm names Ex-SEBI Official Rajeev Agarwal as non-executive independent director
- Neeraj Arora, the former Chief Business Officer of WhatsApp, has resigned from the board of One97 Communications, the parent company of fintech giant Paytm.
- Arora was a key figure in negotiating the WhatsApp merger deal with social media major Facebook.
- He has co-founded his own social networking Hallo App and a venture capital firm Venture Highway.
- Paytm has onboarded former whole-time director of market regulator SEBI Rajeev Krishnamuralilal Agarwal as an independent director for five years.
Recent Appointment in Banking & Insurance Sector
- DG of ESIC – Kamal Kishore Soan
- MD & CEO of PNB MetLife India Insurance – Sameer Bansal (replace Ashish Srivastava)
- CEO of Asirvad Micro Finance Limited – Satish Nair
- Independent Director of Cashfree Payments – Abhaya Hota
- Chairman of ICICI Prudential Board – Sandeep Batra
Awards
Vinod Ganatra conferred ‘Nelson Mandela Lifetime Achievement Award’
- Eminent children’s film-maker Vinod Ganatra has been conferred with South Africa’s prestigious ‘Nelson Mandela Lifetime Achievement Award’ for his contribution to films.
- Vinod Ganatra becomes the first Indian to be honoured with the ‘Nelson Mandela Lifetime Achievement Award.
- Vinod Gantra was conferred with the award at the 7th Nelson Mandela Children’s Film Festival for his outstanding contribution to children’s cinema.
- Ganatra has won 36 national and international awards. He is also the recipient of the “DadaSaheb Phalke Lifetime Achievement Award” conferred by the Association of Film and Video Editors.‘
- Ganatra also has the distinction of being a member of the jury of over 100 national, regional and international film festivals world over.
Recent Award
- V Shantaram, Lifetime Achievement Award 2024 – Subbiah Nallamuth
- Risk Manager of the Year Award by Central Banking, UK – RBI
- Databricks Retail and CPG Partner of the Year Award – Tredence (a global data science and AI solutions company)
- 2024 Oscar Academy Gold Rising Program – Nethra Gururaj,
- Best Conduct of Business Regulator award – SEBI
Important day
18 June – International Day for Countering Hate Speech
- International Day for Countering Hate Speech is observed every year on 18 June.
- In July 2021, the UN General Assembly highlighted global concerns over “the exponential spread and proliferation of hate speech” around the world and adopted a resolution on “promoting inter-religious and intercultural dialogue and tolerance in countering hate speech”.
- The resolution proclaimed 18 June as the International Day for Countering Hate Speech, building on the UN Strategy and Plan of Action on Hate Speech launched on 18 June 2019.
- To observe the Day, the United Nations invites governments, international organizations, civil society groups, and individuals to hold events and initiatives promoting strategies to identify, address and counter hate speech.
- The resolution recognizes the need to counter discrimination, xenophobia and hate speech and calls on all relevant actors, including States, to increase their efforts to address this phenomenon, in line with international human rights law.
19 June – International Day for the Elimination of Sexual Violence in Conflict
- International Day for the Elimination of Sexual Violence in Conflict is observed every year on 19 June.
- Objective – To raise awareness about the serious issue of sexual violence during wars and conflicts worldwide. It also focuses on finding ways to stop these terrible crimes.
- The United Nations declared June 19 as this special day in 2015, commemorating the adoption of a resolution that condemned sexual violence as a tactic of war and an impediment to building peace.
19 June – World Sickle Cell Day
- World Sickle Cell Day is an annual observance held on June 19.
- Objective – To enhance public knowledge and understanding of sickle cell disease, as well as the challenges faced by patients, their families, and caregivers.
- Theme 2024 – Hope Through Progress: Advancing Sickle Cell Care Globally.
- Recognised by the United Nations (UN), World Sickle Cell Day aims to raise global awareness of sickle cell disease. A resolution adopted by the United Nations General Assembly on December 22, 2008, recognised sickle cell disease as a public health problem and “one of the world’s most important genetic diseases”.
- The resolution urges Member States to promote sickle cell disease awareness nationally and internationally on June 19 each year.
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